Errors and omissions insurance; cash or letters of credit
Va. Code Ann. § 55.1-803
in effectA. An exchange facilitator at all times shall:
1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or
2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.
B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.
2010, c. 409 , § 55-525.4; 2019, c. 712 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/55.1-803/Fetched: 10/16/2026